ProFrac (NASDAQ:ACDC) Downgraded by Stifel Nicolaus

ProFrac (NASDAQ:ACDC) was downgraded by research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report released on Friday, FinViz reports. They presently have a $7.00 price objective on the stock. Stifel Nicolaus’ target price suggests a potential downside of 4.76% from the stock’s current price.

Other research analysts have also issued reports about the stock. Piper Sandler lowered their target price on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Bank of America dropped their price objective on ProFrac from $9.50 to $8.50 and set a “neutral” rating for the company in a research note on Monday, July 15th.

ProFrac Stock Performance

Shares of ACDC opened at $7.35 on Friday. The stock has a market capitalization of $1.18 billion, a P/E ratio of -5.53 and a beta of 0.81. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.64 and a current ratio of 1.01. ProFrac has a 1 year low of $5.59 and a 1 year high of $10.14. The company’s fifty day moving average is $6.66 and its two-hundred day moving average is $7.65.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings results on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. The firm had revenue of $579.40 million for the quarter, compared to analysts’ expectations of $624.64 million. On average, sell-side analysts predict that ProFrac will post -0.13 earnings per share for the current year.

Insider Activity

In related news, major shareholder Holdings Lp Thrc purchased 130,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $6.49 per share, with a total value of $843,700.00. Following the completion of the transaction, the insider now owns 76,800,545 shares of the company’s stock, valued at approximately $498,435,537.05. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired 1,933,600 shares of company stock worth $12,207,161 over the last ninety days. 2.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ProFrac

Hedge funds and other institutional investors have recently modified their holdings of the company. American Century Companies Inc. increased its stake in ProFrac by 72.0% in the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after purchasing an additional 132,108 shares during the last quarter. Marshall Wace LLP grew its holdings in ProFrac by 1,632.1% in the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after buying an additional 228,491 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of ProFrac during the 2nd quarter valued at about $365,000. Bank of New York Mellon Corp lifted its holdings in shares of ProFrac by 12.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after acquiring an additional 12,683 shares during the period. Finally, Virtu Financial LLC acquired a new stake in shares of ProFrac in the first quarter worth approximately $401,000. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

ProFrac Company Profile

ProFrac Holding Corp. operates as a technology-focused energy services holding company in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production. The company offers hydraulic fracturing, well stimulation, in-basin frac sand, and other completion services and complementary products and services to upstream oil and natural gas companies engaged in the exploration and production of unconventional oil and natural gas resources.